This BLOG On Mortgage Interest Rates Drop To Benefit Homeowners In Refinancing Was PUBLISHED On June 7th, 2019
With the recent Mortgage Interest Rates Drop, many homeowners who have closed on their home loans last year will greatly benefit.
- Both potential homebuyers and homeowners are taking the news of the Mortgage Interest Rates Drop as positive news
- To join this great news are lenders
- Lenders are expecting to have record refinance transactions this year with Mortgage Interest Rates Drop
- The FED is expected to lower interest rates due to fears of inflation, lower than expected job numbers on June 7th, 2019, and President Trump implementing tariffs on goods
- The Federal Reserve Board, led by FED Chairman Jerome Powell, has announced that the FED will likely cut interest rates
- With lower interest rates, it means lower mortgage rates
In this blog, we will discuss Mortgage Interest Rates Drop and what this means for home buyers and homeowners.
Mortgage Rates Today Versus Last Year
Mortgage Rates have been falling since the start of 2019.
- There were four interest rate hikes in 2018
- Homeowners who closed on their home loans in 2018 got high mortgage rates
- Many homeowners who closed their mortgages in 2018 locked their rates at 5.0% or higher
- Luckily, home demand never slowed with the high mortgage rates last year
- The Federal Housing Finance Agency (FHFA) had to increase conforming loan limits for three years in a row due to escalating home prices
- HUD, the parent of FHA, followed FHFA’s lead and increased FHA Loan Limits for three years in a row
- The FHFA Conventional Loan Limit for 2019 is capped at $484,350
- FHA Loan Limits for 2019 is now at $314,827
The mortgage interest rates drop will benefit millions of homeowners who closed their home loan in 2019.
Reason For Mortgage Interest Rates Drop
Homeowners With 5% Or Higher Rates Will Benefit By Refinancing
Any homeowners with mortgage rates higher than 5% will benefit from refinancing today.
- VA and FHA Streamline Refinances allow homeowners with FHA and/or VA Loans to do a no income doc, no home appraisal streamline refinance with all closing costs paid by the lender
- FHA and VA Streamlines are a fast track refinance program where most borrowers can close their streamlines in 2 weeks or less
- Gustan Cho Associates at NEXA Mortgage, LLC are direct lenders with no overlays on government and conventional loans and are experts in FHA and VA Streamline Mortgages
For more information about this blog and/or other mortgage related questions, please contact us at Gustan Cho Associates at 800-900-8569 or text us for faster response. Or email us at gcho@gustancho.com.
June 7, 2019 - 2 min read